Talking Real Money - Investing Talk

Jaksot

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  Ep. 1990: Luck Isn’t Skill 01.10.2026 33min

  One lucky streak can feel like investing genius—but anecdotes are not evidence. Don and Tom examine leveraged ETFs such as TQQQ, the brutal losses leverage can magnify, and why surviving a good run does not prove a strategy is sound. They answer a federal employee’s question about the TSP C, S, and I funds, explaining why a favorable 2003–2025 backtest cannot tell us what comes next and why diversification is still about reducing concentration risk. Then they dissect slick “hybrid pension” an...
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  Ep. 1989: Two Clocks, One Plan 30.09.2026 34min

  Retirement planning becomes a two-clock problem when spouses are a decade or more apart in age. Don and Tom explain why one household may need to fund two timelines—and why healthcare, Social Security timing, survivor taxes, and account ownership deserve extra attention. The older, higher-earning spouse may need to delay Social Security to age 70 to protect the younger survivor. A strong plan also models the household after one spouse dies, when income and filing status can change abruptly. L...
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  Ep. 1988: The Guarantee Mirage 29.09.2026 37min

  Don and Tom examine the promises behind fixed, indexed, and immediate annuities—and why the word ‘guaranteed’ deserves closer scrutiny. They explain how insurers invest policyholder money, what state guaranty pools actually cover, and why complexity can hide both cost and risk. Listener questions cover when to claim Social Security, how delaying benefits can protect a surviving spouse, the interaction between Social Security COLAs and Medicare Part B premiums, and where TIPS may—or may not—be...
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  Ep. 1987: The Fee Machine 28.09.2026 31min

  Higher fees do not buy higher returns. Don and Tom unpack the fee-to-risk/reward ratio, show how fund costs compound against investors, and compare low-cost index funds with expensive active funds, hedge funds, and private equity. Then they answer listener questions about converting Vanguard mutual funds to ETFs without triggering taxes, leaving a home to a stepson while preserving the step-up in basis, and spotting financial articles that are really advertisements in disguise. 3:22 The fee...
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  Ep. 1986: Six Questions, Straight Answers 25.09.2026 28min

  Six listener questions drive this Friday edition, starting with whether a pre-retirement car purchase belongs on a 401(k) withdrawal. Don explains why preserving tax-deferred growth usually matters more than trying to micromanage one year's tax bracket. The conversation moves through realistic return assumptions, global diversification, and the cleanest way to donate appreciated stock. Don also weighs the risks and costs of a non-traded real estate fund and reviews a thoughtfully conservative...
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  Ep. 1985: The Just-Right Path 24.09.2026 31min

  Retirement planning gets dangerous when people drift toward either extreme. Don and Tom unpack a survey in which savers wildly overestimate the nest egg they need, yet also assume they can safely withdraw 10% a year. The better answer is a portfolio and spending plan built for the actual person. They turn to the mechanics of retirement income: whether to take IRA distributions monthly or annually, how tax-aware withdrawals can help, and when paying cash for a large purchase makes sense. A li...
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  Ep. 1984: Before the Bear Arrives 23.09.2026 34min

  Winter comes for markets, too. Don and Tom ask the useful question before the next bear market arrives: will your portfolio—and your nerves—be ready? They revisit painful declines, concentrated bets, and why a plan matters most when selling feels irresistible. They explain how rebalancing, a sensible mix of stocks and bonds, and tax-loss harvesting can help investors respond with discipline. Your risk tolerance is only half the equation; there is no prize for taking more risk than your goals ...
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  Ep. 1983: Coast FI’s Missing Passengers 22.09.2026 33min

  Coast FI promises that if you save enough early, your retirement money can coast the rest of the way. Don and Tom run the numbers and find the missing passengers: inflation, Social Security, uncertain returns, and the messy surprises of real life. They like aggressive early saving, but not treating a projection as a guarantee—or abandoning a valuable saving habit and employer match. The listener questions cover Treasury bills versus CDs in high-tax states, California municipal bonds, and how...
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  Ep. 1982: The Price of Excitement 21.09.2026 30min

  Exciting investments often arrive wrapped in a great story—and hide a much bigger risk. Don and Tom revisit Financial Physics Rule 10, explain the price of chasing sizzle, and separate investing from speculation. Then they answer whether quarterly advisor check-ins are reasonable and why a sound portfolio should not require constant tinkering. They close with a conservative IRA allocation question and the tradeoffs among U.S. stocks, global diversification, and short- versus broad-term bonds...
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  Ep. 1981: Money Questions, Sorted 18.09.2026 27min

  Friday’s listener questions cover the kind of decisions that sound simple until the details arrive. Don weighs the ease of Vanguard’s total bond fund against building a Treasury ladder, and explains why convenience can be a perfectly sensible investment feature. Then it’s overseas: how much international stock exposure belongs in a diversified portfolio, and why no single U.S./international split is scientifically “right.” The show also sorts out HSA investing, beneficiaries, and the rule fo...
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  Ep. 1980: Don’t Crack the Nest Egg 17.09.2026 30min

  Americans’ 401(k) balances are hitting records—but nearly one in five workers has an outstanding plan loan. Don and Tom explain why a properly sized emergency fund should protect retirement savings from life’s inevitable surprises. They also show why TLT and other long-term Treasury funds are not cash substitutes: when rates move, long-duration bonds can swing like stocks. A diversified bond allocation, regular rebalancing, and clear buckets matter more than chasing today’s yield. Then they...
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  Ep. 1979: Bonds Help You Sleep 16.09.2026 31min

  Bond prices are falling as long-term rates rise, but that doesn't mean bonds have failed. Don and Tom explain why bond prices and yields move in opposite directions, why a normal yield curve can look painful, and why the real job of bonds is stability—not stock-like returns. They compare broad intermediate-term bond funds with Treasuries, including the state-tax advantage of VGIT for some investors, and revisit the long-run case for a balanced portfolio. The bottom line: stop trying to time ...
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  Ep. 1978: Garbage In, Money Out 15.09.2026 40min

  Financial advice is everywhere, but useful investing guidance is strangely hard to find. Don and Tom sort through the stock-picking headlines, social-media hype, and finfluencers who turn excitement and fear into clicks. Then Randy sends an annuity sales presentation that makes some very large claims. The guys examine the unsupported numbers, the misleading comparisons, and why a prospectus matters more than a polished pitch. Plus, is a rising equity glide path really a cornerstone of retir...
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  Ep. 1977: The Confusion-to-Risk Ratio 14.09.2026 35min

  If an investment takes longer than a minute to explain, the confusion may be doing the selling. Don and Tom examine the confusion-to-risk ratio through structured notes, CDOs, variable annuities, equity-index annuities, leverage, hidden tradeoffs, and the costly products that prosper when buyers stop asking simple questions. Then they tackle tax-gain harvesting for a child, Massachusetts municipal bonds, and RMD timing. Want more Money Music? Hear extended versions from Don’s fictional AI ba...
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  Ep. 1976: Questions Behind the Numbers 11.09.2026 27min

  Retirement questions rarely have one-number answers. Don works through a couple’s ambitious retirement goal after a late start, a new retiree’s urge to attack a 7% mortgage with Roth money, and the tax-smart sale of expensive mutual funds. He also explains why target-date funds can improve real-world results, clarifies the rules for new Trump accounts, and shows how spending from a brokerage account can create room for a Roth conversion. The common thread: run the right numbers before making ...
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  Ep. 1975: Put the Brakes on Buy Now 10.09.2026 41min

  The best portfolio cannot help much if every spare dollar disappears at checkout. Don and Tom debate practical ways to slow impulse purchases, automate saving, and build better money habits—without banning the things that make life enjoyable. A live listener call turns to TIAA and 403(b) costs, diversification, and where stocks and bonds belong across Roth and traditional accounts. Then they discuss why a pension promise depends on who stands behind it, and what investors trade when they move...
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  Ep. 1974: Who Watches the Insurers? 09.09.2026 31min

  Who is looking out for insurance customers—and who is paying the people who set the standards? Don and Tom examine insurance-industry incentives, questions about the NAIC’s funding and transparency, and why consumers should ask about commissions and costs. Then a listener challenges their take on rising equity glide paths and sequence-of-returns risk. They revisit the competing research and the role of personal risk tolerance, explain AVGE’s fund-of-funds expenses, and compare a broad-market ...
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  Ep. 1973: One Size Fits Nobody 08.09.2026 33min

  Target-date funds promise a simple glide path from growth to safety—but people with the same retirement date can have completely different needs. Don and Tom compare Vanguard, Fidelity, and BlackRock funds, examine costs and stock-bond mixes, and explain why simple does not mean specific. Then they revisit decades of failed crash predictions from Rich Dad, Poor Dad author Robert Kiyosaki. Want more Money Music? Hear extended versions from Don’s fictional AI band, The Financial Fysicist, on A...
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  Ep. 1972: Your Questions, No Detours 04.09.2026 35min

  Should retirement spending pass through a Roth? Can a nonprofit offer a 401(k) with ETFs? Does active management really win overseas? Don works through a packed listener-question episode covering Roth conversions, retirement-plan rollovers, SPIVA versus Morningstar, Treasuries and CDs, dividend reinvestment in retirement, and whether a variable universal life policy still earns its keep. Want more Money Music? Hear extended versions from Don’s fictional AI band, The Financial Fysicist, on Ap...
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  Ep. 1971: Trust, But Verify 03.09.2026 30min

  A CFP mark reflects meaningful education, but it does not guarantee clean disciplinary history, fee-only advice, or an unwavering fiduciary relationship. Don and Tom examine the gap between reassuring credentials and the disclosures investors may find through FINRA BrokerCheck and SEC adviser records. They explain what investors should verify before hiring anyone: compensation, dual registration, product sales, disclosures, and a written fiduciary commitment. The designation can matter—but i...